Over the last year or so, the tech world has been abuzz with growing talks and trades of innovations like non-fungible tokens (NFTs) and cryptocurrency. Pertaining more to the latter, there have likewise been a swelling number of altcoins, or digital cryptocurrencies alternative to Bitcoin, for use in the crypto trade such as Etherium (ETH), Litecoin (LTC), Dogecoin (DOGE), and more. Cryptocurrencies and altcoins have become so popular throughout the past year, in fact, that they have already left a significant mark on the realm of global finance—for better or worse.
Finance and trade is far from the only global market sectors where cryptocurrencies have left an impact, although. Virtually every industry has been affected to some extent, whether directly or indirectly, by the growing fascination with cryptocurrency; even those where it may be least expected.
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Building Blocks for a Better Path Forward
As the owner of DiBara Masonry: one of California’s most prestigious and award-winning firms in the construction industry, and the fourth-generation owner of the company, I never expected to gain an interest in the crypto trade, let alone experience firsthand its capabilities for revamping the construction industry. That all changed, however, after working on one job for a celebrity client in my home state on the west coast.
When I originally started looking at cryptocurrencies, the biggest issue surrounding them was their volatility. Like many other people, I was initially deeply skeptical of cryptocurrencies, but I think that by so many other people having such confidence in crypto and block chain, which kind of sits as the key backend piece to crypto currency, it restores a lot of consumer confidence. Cryptocurrency is an investment that’s so less relative to those using fiat currency. It truly is a private investment and truly something that will generate value for a lot of people.
Those private investments could be a key factor in many construction businesses landing higher-paying contracts and jobs with clients, such as high-profile celebrities, who place a larger emphasis on the privacy of their finances. Not only this, but a wider adoption of cryptocurrencies by the construction industry as a whole could prove to be a game-changer for both client and company.
Constructing Cryptocurrency as an Industry Revolution
I was initially intrigued by the fact that it was something that protected the user’s privacy. Because both me and my team at DiBara Masonry regularly work with celebrities and other high-profile people of interest at times, privacy is of utmost importance to the integrity of our own brand. I was also interested in there not being any fees, and the money from cryptocurrency transactions being available instantly is a huge plus. One of the best things about crypto is that you can set up essentially error-free contracts, in the sense that we can tie the contracts to very specific payment terms to specific parts of the project, backed by the block chain.
These factors make it much easier in regards to a contractor ensuring they will receive payment for the work they do. For many of our own high-profile clientele at DiBara, the speed and transparency of payment are likewise a huge benefit. Both of these aspects have helped me envision a new era of digital growth for the construction industry; one in which a deeper integration and further utilization of cryptocurrency could be used for mutual benefit.
For instance, when neither client nor contractor have to deal with bank fees, construction contracts are able to be landed and completed faster. It also protects the privacy of the client in question and possesses far higher transparency than the exchange of more traditional fiat currencies in the process.
Roadblocks for Crypto in Construction
With all that being said, there are still a number of hurdles that would need to be overcome in order for a deeper integration of cryptocurrency into the construction industry, not the least of which is instilling a broader sense of understanding the intricacies of how cryptocurrency works for both contractors and their clients.
The biggest hurdle that I can think of at the moment is that of payment protection. Currently, if you use your credit card for a payment and are scammed, there’s no payment protection for the sake of the client. While I do think that down the line, there will be ways to work through potential scams or scammers in the industry with certain coins, clients should still remain vigilant in terms of paying strong attention to the wording and terms of their contracts and payments.
As for how the construction industry can begin to more broadly adopt the use of cryptocurrency, or any industry for that matter, people simply need to just start talking about it—how it works and how it can be used for the good of clients and contractors alike. As more and more people call my office looking to use crypto for their contract payments, both we as a company and them as a client need to know that crypto isn’t something to be afraid of. Rather, we need to do our part to understand and help educate others on the fact that cryptocurrency really is, for a lot of reasons, something that is extremely beneficial in terms of avoiding the bank fees, being paid instantly, and protecting privacy, both financial and identity).
People are already regularly using and trading cryptocurrency, and have been for years. Though talks and use of crypto have become increasingly more mainstream, the wider integration of cryptocurrencies across multiple industries and consumer markets still needs to be just a bit more mainstream. Once more people become more comfortable with talking about crypto, the others using it, and how they are using it, I firmly believe the construction industry (and many others like it) will see phenomenal, unprecedented growth through its use.
